Pemberton Market Update: July 2017

Through the first 6 months of 2017, the Pemberon real estate market faced circumstances similar to those being seen throughout the Sea to Sky Corridor – namely a lack of listing inventory and growing buyer interest. As a result, the Pemberton market has seen an overall slowing in the number of sales, a rise in average transaction values, and a reduction in ‘Days on Market’.

Where are we now?

Despite the fact that the number of transactions happening in Pemberton has remained relatively consistent, total activity levels in have decreased compared to a year ago,. This is due to a lack of properties available for sale, and not due to a lack of buyer demand (which continues to grow).

Over the course of the first half of 2017, we saw a total of approximately $40,000,000 worth of property change hands in Pemberton with an average overall transaction value of $459,600 (a 6% increase in average value). Individually, almost all segments of the Pemberton real estate market saw increased average values. As for buyers, the trend has been towards more affordable properties – both in the Village and the surrounding areas.

Breaking down the numbers into the various sub-markets, the current average transaction values are:

Single-Family Homes: $669,000 (10% higher than the start of the year)

Townhomes: $467,500

Condos: $327,800

Acreages: $822,800 (a slight decrease since the start of the year that can be attributed to the types of sales that generally occur a the start of the year vs. those at the end of the year in Pemberton rather than an indication of a systemic drop in value)

In looking at these numbers, it is important to note that the Pemberton market is small (and could even be called a ‘micro’ market) and as a result, the amount of sales data that is available at this time of the year is very limited. So, property values can deviate from these prices significantly especially when you consider the wide range of features, locations, and property-types these general categories encompass.

What is to come?

There are some medium and low density buildings and developments on the horizon for Pemberton. We expect these to hit the market in the next 12 to 18 months. Nevertheless, the market will continue to favour seller (with prices trending upwards) for the foreseeable future with only affordability concerns (one of the biggest drivers for many buyers in Pemberton) the only thing likely to temper the current climate.If you have been thinking of buying or selling in Pemberton, contact me today for the most up-to-date information and to discuss how the current state of the market might impact your decisions.

*All stats deemed to be accurate and taken from the Whistler Listing System, July 2017